COPT Defense Properties Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of adjustments to prior period financial statements

The following are selected line items from COPT’s consolidated financial statements as of, and for the three and nine months ended, September 30, 2012 illustrating the effect of adjustments pertaining to reclassifications and revisions (in thousands):



	Consolidated Balance Sheet as of September 30, 2012
	Per September 30, 2012 10-Q			As Revised			Change			Revisions
Redeemable noncontrolling interest	$	—		$	9,932		$	9,932		$	9,932
Additional paid-in capital	$	1,455,558		$	1,451,416		$	(4,142	)	$	(4,142	)
Cumulative distributions in excess of net income	$	(610,659	)	$	(607,633	)	$	3,026		$	3,026
Noncontrolling interests in common units in COPLP	$	48,973		$	49,157		$	184		$	184
Noncontrolling interests in other consolidated entities	$	18,682		$	9,682		$	(9,000	)	$	(9,000	)
Total equity	$	1,250,221		$	1,240,289		$	(9,932	)	$	(9,932	)
Total liabilities, redeemable noncontrolling interest and equity	$	3,597,656		$	3,597,656		$	—		$	—



	Consolidated Statements of Operations for the
	Three Months Ended September 30, 2012
	Per September 30, 2012 10-Q			Per September 30, 2013 10-Q			Change			Discontinued Operations			Other Reclassifications			Revisions
Total revenues	$	130,144		$	129,645		$	(499	)	$	(499	)	$	—		$	—
Expenses
Property operating expenses	$	42,799		$	41,474		$	(1,325	)	$	(9	)	$	(1,316	)	$	—
Depreciation and amortization associated with real estate operations	28,698			28,604			(94		)	(94		)	—			—
Construction contract and other service expenses	14,410			14,410			—			—			—			—
Impairment losses	46,096			46,096			—			—			—			—
General, administrative and leasing expenses	5,061			6,377			1,316			—			1,316			—
Business development expenses and land carry costs	1,632			1,632			—			—			—			—
Total operating expenses	$	138,696		$	138,593		$	(103	)	$	(103	)	$	—		$	—
Operating loss	$	(8,552	)	$	(8,948	)	$	(396	)	$	(396	)	$	—		$	—
Interest expense	$	(23,239	)	$	(23,239	)	$	—		$	—		$	—		$	—
Income tax expense	$	(106	)	$	(106	)	$	—		$	—		$	—		$	—
Loss from continuing operations	$	(31,816	)	$	(32,212	)	$	(396	)	$	(396	)	$	—		$	—
Discontinued operations	$	11,051		$	11,447		$	396		$	396		$	—		$	—
Net loss	$	(20,765	)	$	(20,765	)	$	—		$	—		$	—		$	—
Net loss attributable to noncontrolling interests in common units in COPLP	$	1,569		$	1,533		$	(36	)	$	—		$	—		$	(36	)
Net loss attributable to noncontrolling interests in other consolidated entities	$	(411	)	$	235		$	646		$	—		$	—		$	646
Net loss attributable to COPT	$	(19,772	)	$	(19,162	)	$	610		$	—		$	—		$	610
Basic and diluted earnings per common share:
Loss from continuing operations	$	(0.54	)	$	(0.54	)	$	—		$	—		$	—		$	—
Discontinued operations	0.15			0.15			—			—			—			—
Net loss attributable to COPT common shareholders	$	(0.39	)	$	(0.39	)	$	—		$	—		$	—		$	—



	Consolidated Statements of Operations for the
	Nine Months Ended September 30, 2012
	Per September 30, 2012 10-Q			Per September 30, 2013 10-Q			Change			Discontinued Operations			Other Reclassifications			Revisions
Total revenues	$	390,499		$	389,043		$	(1,456	)	$	(1,456	)	$	—		$	—
Expenses
Property operating expenses	$	126,339		$	122,102		$	(4,237	)	$	32		$	(4,269	)	$	—
Depreciation and amortization associated with real estate operations	84,920			84,633			(287		)	(287		)	—			—
Construction contract and other service expenses	51,302			51,302			—			—			—			—
Impairment losses	41,260			41,260			—			—			—			—
General, administrative and leasing expenses	19,820			24,797			4,977			(3		)	4,269			711
Business development expenses and land carry costs	4,506			4,506			—			—			—			—
Total operating expenses	$	328,147		$	328,600		$	453		$	(258	)	$	—		$	711
Operating income	$	62,352		$	60,443		$	(1,909	)	$	(1,198	)	$	—		$	(711	)
Interest expense	$	(71,909	)	$	(71,909	)	$	—		$	—		$	—		$	—
Income tax expense	$	(4,296	)	$	(327	)	$	3,969		$	—		$	—		$	3,969
Loss from continuing operations	$	(12,160	)	$	(10,100	)	$	2,060		$	(1,198	)	$	—		$	3,258
Discontinued operations	$	10,212		$	11,410		$	1,198		$	1,198		$	—		$	—
Net (loss) income	$	(1,927	)	$	1,331		$	3,258		$	—		$	—		$	3,258
Net loss attributable to noncontrolling interests in common units in COPLP	$	1,020		$	738		$	(282	)	$	—		$	—		$	(282	)
Net (income) loss attributable to noncontrolling interests in other consolidated entities	$	(939	)	$	864		$	1,803		$	—		$	—		$	1,803
Net (loss) income attributable to COPT	$	(2,341	)	$	2,438		$	4,779		$	—		$	—		$	4,779
Basic and diluted earnings per common share:
Loss from continuing operations	$	(0.40	)	$	(0.35	)	$	0.05		$	(0.02	)	$	—		$	0.07
Discontinued operations	0.13			0.15			0.02			0.02			—			—
Net loss attributable to COPT common shareholders	$	(0.27	)	$	(0.20	)	$	0.07		$	—		$	—		$	0.07

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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